4 Things You Wanted To Know About YOUR CREDIT FILE (But Were Afraid To Ask)
1. What is a credit enquiry? 1. What is a credit enquiry? Every time you apply for credit, a credit enquiry is recorded on your credit file. This can negatively affect your credit score. Our experts say: Even 3 enquiries on your credit file in the last 6 months can get you declined.
2. How long does information remain on my credit file? 2. How long does information remain on my credit file? 2 years Debt repayment history Enquiries, defaults, court 5 years writs, summons & judgments 5 years Defaults (clearout) & Part IX 7 years bankruptcy history Last known address 8 I ndefinitely & employer A default is marked as a "clearout" Did you know: if the lender cannot contact you.
3. Who maintains my credit file? 3. Who maintains my credit file? Veda Advantage Dun and Bradstreet Tasmanian Collection Experian Service Our experts say: You can get a FREE copy of your credit file from your credit agency or your mortgage broker.
4. Can I still get a home loan if I have a default? 4. Can I still get a home loan if I have a default? YES! Apply with a lender who accepts borrowers with defaults!
THE FACTS 6 out of 10 Australians have not heard about credit reporting. Sources: Australian Retail Credit Association Dun and Bradstreet
THE FACTS 10 Only 10% of Australians have seen their credit file. Sources: Australian Retail Credit Association Dun and Bradstreet
THE FACTS 14% of Australians have a default or other black mark on their credit file. Sources: Australian Retail Credit Association Dun and Bradstreet
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